De' Longhi grows double-digit in 2020
Revenues of € 2.36 billion (+14.3%), net profit of 200 million (+24.3%)
The board of directors of De' Longhi, one of the leading players in the small domestic appliance business dedicated to the world of coffee, cooking and food preparation, today approved the figures for the 2020 financial statements. In the twelve months, the Group achieved normalized net revenues of € 2,368.1 million, up 12.4% (14.3% at the organic level), with normalized adjusted Ebitda of € 383.3 million (+27.6% and equal to 16.2% of revenues). The normalized operating result (Ebit) was € 278.8 million, up by 29.1% and equal to 11.8% of revenues, and the net profit amounted to € 200.1 million, in growth of 24.3%, equal to 8.5% of revenues.
On the sidelines of the approval of the results, the Chief Executive Officer Massimo Garavaglia commented on 2021: "From the point of view of sales, the start of the year was extraordinarily strong, at a rate of growth, on a like-for-like basis, foreseen for the first quarter at around 50%. This evidence leads us to estimate the organic growth of revenues for 2021, also including the acquired Capital Brands, in the range 22% - 26% (i.e. in the area 12% - 15% on a like-for-like basis). This important growth will allow us to continue to reinvest a portion of the operating margin in our support plans for product innovation, brand communication and strenghtening of the digital strategy aimed at a sustainable growth, while allowing us to achieve an adjusted Ebitda for the new perimeter substantially in line with 2020 as a percentage of revenues".
The coffee segment (52% of revenues) achieved normalized double-digit growth both in the twelve months and in the last quarter, with an important expansion of the families of full-automatic and manual machines. Capsule systems too were growing, but with a diluted incidence on the total segment. The cooking and food preparation segment achieved normalized high single digit growth in both periods analyzed, mainly thanks to the expansion of kitchen machines, growing at a rate in-the-twenties both in the year and in the fourth quarter.
EFA News - European Food Agency